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- In a bankruptcy, which of the following statements is true? a. An order for relief results only from a voluntary petition. b. Creditors entering an involuntary petition must have debts totaling at least $21,625. c. Secured notes payable are considered liabilities with priority on a statement of affairs. d. A liquidation is referred to as a Chapter 7 bankruptcy, and a reorganization is referred to as a Chapter 11 bankruptcy.Which one of the following is a direct bankruptcy cost? A.Loss of customer goodwill resulting from a bankruptcy filing B.Legal and accounting fees related to a bankruptcy proceeding C,Any financial distress cost D.Management time spent on a bankruptcy proceedingSome debtors who file for bankruptcy may prefer liquidation under Chapter 7 but, due to the means test, may be required to file under _________ of the Bankruptcy Code, which provides for "Adjustment of Debts of an Individual with Regular Income". a. Chapter 9 b. Chapter 11 c. Chapter 12 d. Chapter 13
- FrF Fresh-start accounting must be adopted by certain debtors emerging from chapter 11 bankruptcy. When is fresh start accounting required? What are some of the characteristics of fresh-start accounting?Choose the correct. In a bankruptcy, which of the following statements is true?a. An order for relief results only from a voluntary petition.b. Creditors entering an involuntary petition must have debts totaling at least $21,625.c. Secured notes payable are considered liabilities with priority on a statement of affairs.d. A liquidation is referred to as a Chapter 7 bankruptcy, and a reorganization is referred to as a Chapter 11 bankruptcy.A creditor must file a(n) 44,362 Multiple Choice O lawsuit against the debtor before a creditor can "attach" property. involuntary bankruptcy petition attachment order garnishment petition
- A Chapter 7 bankruptcy is a(n) Select one: a.voluntary reorganization. b.bankruptcy forced by a company's creditors. c.bankruptcy in which all creditors receive payment in full. d.involuntary reorganization. e.liquidation.Choose the correct. What is a debtor in possession?a. The holder of a note receivable issued by an insolvent company prior to the granting of an order for relief.b. A fully secured creditor.c. The ownership of an insolvent company that continues to control the organization during a bankruptcy reorganization.d. The stockholders in a Chapter 7 bankruptcy.Define the following terms: bankruptcy law, Chapter 11, Chapter 7,trustee, voluntary bankruptcy, and involuntary bankruptcy
- What is a debtor in possession?a. The holder of a note receivable issued by an insolvent company prior to the granting of an order for relief.b. A fully secured creditor.c. The ownership of an insolvent company that continues to control the organization during a bankruptcy reorganization.d. The stockholders in a Chapter 7 bankruptcy.Define each of the following terms:f. Extension; composition; workout; cramdown; prepackaged bankruptcy;holdoutA. List the priority of claims in a bankruptcy. (Avoid too much cutting and pasting). B. Discuss ways a bankruptcy plays a major role in labor disputes and product liability. C. Discuss 3 criticisms of bankruptcy laws.